Companies that manufacture Internet of Things (IoT) devices for consumers or businesses face challenges in every stage of the product lifecycle. CFOs and finance departments of companies that produce static (unconnected) devices are always concerned with the bottom line; those in companies where IoT devices make up part or all of the product mix are no different.
In this third and final installment of a three-part blog series for IoT product manufacturers, we will look at some ways finance departments and CFOs can maintain profitability for their companies’ IoT devices.
Optimizing Device Data
Connectivity costs for IoT devices can be substantial. To keep those costs as low and as manageable as possible, CFOs and finance departments need to optimize device data pools on a monthly basis.
This can be a time-consuming and labor-intensive exercise; choosing an IoT-As-A-Service solution can help teams manage the heavy lifting that can come with this process.
Leveraging Changes in Technology Pricing
CFOs and finance departments for IoT manufacturers also often struggle with being able to take advantage of rapid changes in technology pricing. Prices are generally going down as technology continues to evolve, however CFOs may not be attuned to what’s going on in the technology industry or markets.
Partnering with an IoT service provider who has a deep understanding of the marketplace and knowledge of the technologies and capabilities themselves can help IoT manufacturers obtain the most competitive pricing. Over time, the savings from this type of relationship can be substantial. Choosing a provider who offers IoT-As-A-Service can help businesses in any industry stay competitive.
Managing IoT Project Profitability Requires the Right Tools and Solutions
Don’t make the mistake of thinking your IoT project is complete the moment your web-connected products are on the market. From a financial standpoint, CFOs and finance departments need to be able to manage connectivity costs and understand the marketplace.
After Your IoT project has been fully implemented and you have an operations team monitoring it, it is essential that your finance team monitors the costs associated with the IoT project on an annual basis. Norwell Technology Group offers solutions from Wireless Analytics designed to meet this need. With vast experience managing IoT projects, you can be confident knowing they will be able to identify changing costs as technologies improve, helping your projects remain profitable.
This blog post wraps up our three-part series addressing challenges IoT product manufacturers face. In the first installment, we considered issues product management teams can face because 3G or LTE connections are not reliable around the world yet. The second blog post in the series touched on challenges operations teams handling daily support over long periods of time and identifying runaway devices.
Norwell Technology Group is proud to work with all kinds of organizations, identifying needs and implementing solutions designed to meet those needs. To learn more and to explore the services we provide, contact us today by completing our fast and easy online contact form, or call us at 877-277-8648.